I saw that too, but the quote seems out of context to me. In particular, what does "It's" refer to in the sentence "It’s not as important as search and adverti

I saw that too, but the quote seems out of context to me. In particular, what does "It's" refer to in the sentence "It’s not as important as search and advertising." Is he referring to Google entering Twitter's space, and saying that, for Google, microblogging isn't as important as search and advertising?